Shredded scrap: The spread on this grade widened to $15 per ton under the expanded Chicago footprint, up from $10 in January settlements, as prices outside of the historic Chicago region are averaging $340 per ton.

Cut structural/plate, 5 ft max: Unchanged in either area. Prices remain the same in both areas.

Recognizing that contracts need to be adjusted, American Metal Market will continue to publish, for a period of six months through June 30, 2018, two sets of prices: "Chicago - expanded footprint“ and "Chicago - historical footprint."

Effective July 1, 2018, the words "historical" and "expanded" will be removed and "Chicago - expanded" will permanently replace "Chicago - historical." The price will be noted as "Chicago," with the additional mills included in the price assessment.

Also effective July 1, 2018: For contracts that are not adjusted during the six-month period when two sets of prices are posted, a non-market adjustment notice specifying the change in prices from the expansion will be issued for Chicago. This index will specify that the non-market adjustment is between the two indexes and not a monthly price move.

If you have any questions or comments about the proposed change, please contact Thorsten Schier at tschier@amm.com.